Qikio Expands Insurance Footprint through Compare Club Partnership
Qikio, a digital-first car insurance provider, has announced a strategic partnership with comparison site Compare Club to strengthen its market presence in the personal motor insurance sector. This collaboration comes at a time when Australian insurers are navigating significant operational cost increases and changing consumer behaviors.
As part of the agreement, Qikio’s car insurance products will now be available through Compare Club’s online platform. Consumers can receive quotes through Compare Club and be referred to Qikio’s site to complete their purchase, adding another digital touchpoint to Qikio’s distribution strategy.
Paul Coughran, Compare Club’s general manager for emerging verticals, said the partnership is designed to enhance customer choice in the personal motor segment. “Partnering with Qikio allows us to offer Australians more choices in car insurance. Qikio’s approach aligns with Compare Club’s mission of helping consumers find coverage that truly fits their needs,” he explained.
The collaboration supports Qikio’s efforts to scale its digital presence and compete more effectively in a market where efficiency and accessibility are becoming increasingly important for both insurers and customers. According to a recent report from the Insurance Council of Australia (ICA), average comprehensive motor insurance premiums have surged by 42% since 2019, now exceeding $1,050 per year. Key cost drivers include rising repair expenses, parts shortages, and the growing complexity of modern vehicle systems.
The insurance sector is also grappling with the issue of misrepresentation by policyholders. Research by comparison service iSelect found that nearly 7% of surveyed drivers had provided inaccurate information when applying for insurance, with this trend being particularly pronounced among younger drivers.
Furthermore, a recent Youi survey highlighted that while 83% of drivers expressed confidence in their policy knowledge, only 25% reported having fully read their Product Disclosure Statement (PDS). The study also indicated that fewer than half of the respondents were confident navigating the claims process, often relying on external sources for assistance.
This partnership between Qikio and Compare Club aims to address these challenges by providing consumers with more choices and better information in the personal motor insurance market.
